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2008-08-19 18:08:37

Foreclosure Activity Up Eight Percent in July

RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its July 2008 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 272,171 U.S. properties during the month, an 8 percent increase from the previous month and a 55 percent increase from July 2007. The report also shows one in every 464 U.S. households received a foreclosure filing during the month.

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

“Bank repossessions, or REOs, continued to be the fastest growing segment of foreclosure activity in July, posting a 184 percent year-over-year increase — compared to a 53 percent year-over-year increase in default notices and an 11 percent year-over-year increase in auction notices,” said James J. Saccacio, chief executive officer of RealtyTrac. “The sharp rise in REOs, combined with slow sales, has resulted in a bloated inventory of bank-owned properties for sale. RealtyTrac now has more than three quarters of a million properties in its active REO database, a number that represents approximately 17 percent of the inventory of existing homes for sale reported in June by the National Association of Realtors.”Nevada, California, Florida post top state foreclosure rates

Nevada continued to document the nation’s highest state foreclosure rate in July, with one in every 106 households receiving a foreclosure filing during the month. Foreclosure activity in Nevada was up 15 percent from the previous month and 97 percent from July 2007, pushing the total number of properties with foreclosure filings to over 10,000. Bank repossessions in Nevada were up 384 percent on a year-over-year basis, while default notices were up 59 percent and auction notices were up 31 percent.

One in every 182 California properties received a foreclosure filing in July, the nation’s second highest state foreclosure rate, while one in every 186 Florida properties received a foreclosure filing, the nation’s third highest state foreclosure rate.

Despite increasing foreclosure activity, Arizona’s foreclosure rate dropped from the nation’s third highest in June to fourth highest in July. Foreclosure filings were reported on 13,350 Arizona properties during the month, a 3 percent increase from the previous month and a 127 percent increase from July 2007. One in every 195 Arizona properties received a foreclosure filing, a rate that was more than twice the national average.

Other states with foreclosure rates ranking among the top 10 were Ohio, Georgia, Michigan, Colorado, Utah and Virginia.

California, Florida, Ohio report highest foreclosure totals

Foreclosure filings were reported on 72,285 California properties in July, the highest total among the states. The state’s foreclosure activity increased 5 percent from the previous month and was up 85 percent from July 2007. On a year-over-year basis, bank repossessions in California were up 427 percent, while auction notices were up 67 percent and default notices were up 34 percent. However, default notices declined 4 percent from the previous month.

Florida foreclosure activity in July increased 14 percent from the previous month and 139 percent from July 2007. The state posted the nation’s second highest number of properties with filings — 45,884. On a year-over-year basis, bank repossessions in Florida increased 678 percent, while auction notices were up 180 percent and default notices were up 100 percent.

Ohio’s total of 13,457 properties with foreclosure filings in July was third highest among the states despite an increase of just 2 percent from the previous month and 1 percent from July 2007. On a year-over-year basis, bank repossessions in Ohio were still up 33 percent, while auction notices were down nearly 20 percent and default notices were up nearly 8 percent. One in every 375 Ohio households received a foreclosure filing during the month, the nation’s fifth highest state foreclosure rate.

After Arizona, Michigan documented the fifth highest state total in July — 11,591 properties with filings — but the state’s foreclosure activity decreased 4 percent from the previous month and 17 percent from July 2007. The state’s foreclosure rate — one in every 389 households received a foreclosure filing — ranked seventh highest among the states.

Other states with total properties with foreclosure filings among the 10 highest were Texas, Georgia, Nevada, Illinois and New York.

Top Metro Rates in California, Florida, Nevada, Arizona

The Cape Coral-Fort Myers, Fla., metro area registered the highest foreclosure rate among the 230 metro areas tracked in the July report. One in every 64 households in the metro area received a foreclosure filing during the month — more than seven times the national average.

Three California cities followed in the metro foreclosure rate rankings: Merced was at No. 2 with one in every 73 households receiving a foreclosure filing; and Stockton and Modesto were in a virtual tie, each with one in every 82 households receiving a foreclosure filing.

With one in every 85 households receiving a foreclosure filing, the Las Vegas metro area’s foreclosure rate ranked No. 5, followed by three more California metros: Riverside-San Bernardino, Bakersfield and Vallejo-Fairfield.

Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, RealtyTrac Inc. is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. For current news and information regarding foreclosure-related issues and trends, visit our blog at www.ForeclosurePulse.com.